January 24, 2022
Crypto market is in a state of frenzy. Bitcoin, the largest digital asset, extended its decline and has shed more than 50 percent from its record high in November and Ethereum down 12 percent. Solana and Cardano each fell at least 17 percent, according to Coinbase.
In the midst of these, BlackRock, the world’s biggest asset manager, is all ready to enter the crypto market.
What does the move mean?
- The appetite among BlackRock global client base to invest in sustainability-related opportunities is growing, according to the National News.
- The iShares Blockchain and Tech ETF would invest in companies involved in the “development, innovation, and utilisation of blockchain and crypto technologies”, according to a filing with the US Securities and Exchange Commission. If this comes to light, it would be the first crypto-adjacent fund in the largest ETF issuer’s line-up.
- Salim Ramji, the head of BlackRock’s global ETF business said, that the firm would hold its crypto funds to high standards for liquidity and transparency. “As the regulatory environment becomes clearer, and as the underlying liquidity dynamics of that market become more to our satisfaction, that some of those dynamics will work in our favour,” he said.
About the author
Priyanka Shetty is a freelance writer based in Bengaluru.
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